In Trenton, non-profit readies support for small businesses

Tom Clark, Executive Director of CityWorks examines space inside an abandoned building at 102 Stockton Street in Trenton on Wednesday, July 10Martin Griff/The Times

TRENTON — What do a coffee roaster, a bodega owner and someone who makes jams and jellies have in common?

They are all New Jersey-based entrepreneurs and small business owners who have benefited from startup microloans provided through The Intersect Fund, a nonprofit organization that works to provide access to capital, training and technical assistance to folks looking to nurture their business concepts across the state.

And thanks to an anticipated influx of funding through the state Division of Consumer Affairs and the Neighborhood Revitalization Tax Credit (NRTC) program, their counterparts in Trenton could soon have the same opportunities.

“They have been successful in many other parts of the state, and we have great hopes for it here,” said Tom Clark, executive director of City Works, the agency that will be partnering with The Intersect Fund to launch the inaugural program in the capital city.

The Intersect project is slated to receive $50,000 in state funding, part of a larger $985,000 grant aimed at a series of projects in Trenton. Clark said that the grant and project have been approved, and are currently in the process of being authorized so that funds can be dispersed. That process is expected to take less than 30 days, Clark said.

The state funding, which will largely support the hiring of a local employee to manage the recruitment of prospective funding recipients, will be complemented by an influx of capital from The Intersect Fund.

“We will bring $100,000 of loan capital into the neighborhood,” said Nancy Finn, The Intersect Fund’s director of advancement. She said that the initial contract period will last a year, and the intent is to provide 10 microloans for business startups along with 10 credit-builder loans for business owners who are unable to get loans through traditional, commercial banks.

“Most of our borrowers are sole proprietors or small business owners with less than five employees,” she said. “We are there to help them gain access to capital they wouldn’t necessarily otherwise be able to secure.”

Loan support would be focused on East Trenton, she said.

“We have worked with other NRTC programs in the state, and often times in these neighborhoods there is a high rate of unemployment,” Finn said, “but there are people within those communities who have great entrepreneurial spirit.”

Clark said that while murals and other aesthetic improvements can help a neighborhood, providing the support for new businesses and expansion is a central part of what City Works hopes to do in Trenton.

“We are talking about neighborhood revitalization,” he said. “It is a real, true, economic development tool.”

Those interested in The Intersect Fund and the future project in Trenton can contact Luis De La Hoz at (732) 763-8293.